Outlook 2007 does not display graphics unless computer in safe mode

I have a Windows 7 computer running Office 2007. All of a sudden graphics are no longer displayed, just a red X.

I have tried everything I found searching on this and nothing works.
New profile, deleted temp files, deleted securetemp registry setting, reset IE, Uninstalled AV, ran Outlook in Safe mode,  unchecked 'Show picture placeholders'. etc.

The only way I can see graphics in Outlook is to boot the computer in safe mode.

I booted up with all non Microsoft services stopped and disabled all programs set to run at boot up and it still does not work.

I need to figure out what is running when all non microsoft services and startup programs are disabled that is not running when I boot in safe mode.
ajdratchAsked:
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aadihCommented:
If all of a sudden, then you may as well restore your PC to an earlier time.  The preferred approach is to boot up in safe mode with command prompt and type rstrui.exe to restore.
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RizzleCommented:
Have you tried to repair the office installation?
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ajdratchAuthor Commented:
I did run a repair. I was hoping not to try a system restore since programs have been installed after this started but it may be the only option
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ajdratchAuthor Commented:
Just did a system restore and it still is not working
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ajdratchAuthor Commented:
There is something in the user profile causing the problme and I could not figure out what it was. I have him opening Outlook by right clicking and Run as Administrator and that works.

He is an administrator on his computer
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RizzleCommented:
Try the options i posted in the link above. It wont be profile related.
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ajdratchAuthor Commented:
Sorry for the delay. Did not realized I didn't reply back to this. I did try all the things in that link. He is on Windows 7 and IE 11 now.
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ajdratchAuthor Commented:
Uninstalling and reinstalling Trend Micro fixed this problem
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ajdratchAuthor Commented:
I found Trend Micro was the problem
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